High market demand coupled with labour shortages, is creating a perfect storm for businesses in how they are struggling to meet their client demands and product lead times.
One area Clerkin Consulting specialise in is increasing productivity of your existing workforce and assets. One proven way to get an immediate increase in productivity is to look at introducing, or to modify existing incentive/Bonus schemes…
From experience working with clients, I have identified x4 Critical areas that need to be considered before implementing any incentive scheme:
1. EQUITABLE – It must be fair across all work sectors and not be biased to one dept. or production line, so to avoid any internal conflicts.
2. ATTAINABLE – Whilst bonus targets must aim to ‘stretch’ the team above standard outputs, they equally must be attainable otherwise your bonus scheme can quickly become a demotivator!!
3. MEASURABLE – To drive hourly/daily performance levels across your team it is important that you can accurately measure and report out the KPI’s you are linking to your bonus scheme. Also don’t make it too complex, that workers can’t understand, or takes significant amount of admin time to calculate.
4. SUSTAINABLE – Any increase in employee remuneration must be closely measured against the increased output value to the business. Simply putting a scheme in place for a short-term lift, and then removing it later will damage moral and trust levels in your team.
If you want to discuss more about how an effective employee incentive scheme could quickly improve your productivity levels, feel free to get in touch to schedule a consultation call.